CIBC Annual Accountability Report 2005 For what matters

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1 22 CIBC in Society > Our People CIBC Annual Accountability Report 20 Our People CIBC in Society Strategy Fulfilling our Mission to create a work environment where all employees can excel is fundamental to CIBC s Vision to be the leader in client relationships. Our holistic approach blends business priorities with the diverse needs of our employees globally by supporting employee needs and aspirations and investing in the health and well-being of our people. Priorities Creating a supportive and productive work environment for our employees which reflects CIBC s Vision, Mission and Values Maintaining a positive work culture that allows our employees to continually strive to perform at their best and be rewarded appropriately Attracting and building CIBC s talent and leadership pool and creating opportunities to leverage the skills of our employees Ensuring all CIBC employees have a safe and healthy work environment where they are able to balance their work and life effectively and contribute to their communities Measures Employee Commitment Index score Representation rates of women, visible minorities, Aboriginal Peoples and persons with disabilities in the CIBC workforce Alignment of individual and business goals Expenditure per employee on training New claim rates for short- and long-term disability The Canadian Abilities Foundation recognizes CIBC s contribution as the founding corporate sponsor of Access Guide Canada. Through their generous support and firm commitment to the principles of accessibility and inclusiveness, people with disabilities across Canada have greater access to an increasing range of opportunities. Raymond Cohen President, Canadian Abilities Foundation

2 CIBC Annual Accountability Report 20 CIBC in Society > Our People 23 The CIBC Children s Centre is an innovative emergency backup child care facility for CIBC employees in Toronto. Since the centre opened in 2002, almost $2 million has been realized in direct employee productivity savings, not including the positive impact of reduced stress and heightened morale of staff. In 20, CIBC expanded its backup child care program to other urban centres across the country. Creating a Supportive Work Environment Senior management representation rates and goals (as at Dec. 31, 20) % Rate Goal Women Visible minorities Persons with disabilities Aboriginal Peoples Creating a winning culture for our employees, for our clients and for our communities builds employee commitment that supports CIBC s overall performance and success. We measure employee commitment through our bi-annual employee survey. The Employee Commitment Index score increased from 68 to 72 between 2003 and 20 and survey results showed a high level of employee awareness of CIBC s Vision, Mission and Values. CIBC s Values Survey of Executives showed growing consensus around support for CIBC s values of trust, teamwork and accountability. CIBC s Code of Conduct promotes CIBC s values and guarantees every employee the right to be respected, to receive fair and equitable treatment, to be free from harassment and discrimination, and to be protected from retaliation if they report contravention of the Code. In 20, the Code was revised and simplified for easier understanding. We also implemented a process to ensure that all CIBC employees complete certification and testing on the Code each year. As of October 31, 20, 43,038 employees completed this testing and certification. In 20, there were 14 official complaints with human rights commissions and one official complaint with privacy commissions on employment issues in Canada. At CIBC, employment equity is a clear priority and CIBC has achieved the goal of full representation of women, visible minorities and persons with disabilities in its workforce. This goal is based on national labour market availability rates provided by Statistics Canada for each of the designated groups. We continue our efforts to recruit and retain Aboriginal Peoples to also close that representation gap. Through our sponsorship of the CIBC Access Awards, now in its fourth year, CIBC works with post-secondary educational institutions to help students with disabilities fund their education. This demonstrates our commitment to employment equity and to creating an inclusive work environment. Workforce representation rates and goals (as at Dec. 31, 20) % Rate Goal Women Visible minorities Persons with disabilities Aboriginal Peoples CIBC has closed the workforce representation gaps of women, visible minorities and persons with disabilities. Michael Pinball Clemons Community Leadership Awards CIBC co-sponsored the Michael Pinball Clemons Community Leadership Awards with the City of Toronto, to recognize the contributions of African- Canadians to community leadership. The awards are named after the Toronto Argonauts head coach to commemorate his outstanding dedication to the community.

3 24 CIBC in Society > Our People CIBC Annual Accountability Report 20 Investment in training globally ($ millions) At the Board of Directors level, women hold five of the 19 director positions, up from four positions in the previous year. As part of our ongoing Board renewal program, we regularly assess the skills and characteristics of CIBC Board members against current and anticipated needs. This enables the Board to maintain the appropriate skill set to oversee the businesses of CIBC. CIBC s Retiree Advisory Committee was established in 1998 to give a voice to the views of CIBC s 10,000 retirees on issues affecting them. Some of their key accomplishments are the establishment of a retiree website, a semi-annual retiree newsletter, a Retirees as Ambassadors donation program, and a pension hardship process. Performance Management and Measurement scorecard (%) In 20 CIBC invested $69 million globally in employee training. Employees indicating they understand how dayto-day activities support goals on the scorecard. Performance Management and Measurement scorecard (%) Staying focused on our performance CIBC s Performance Management and Measurement (PMM) system uses a balanced scorecard that includes financial results, client relationships, operational efficiency, strategic priorities, and key competencies to assess employee and team performance. In 20, the PMM scorecard for the Senior Leadership Team members was revised to reflect and reinforce our commitment to CIBC s Vision, Mission and Values, and to promote high standards of ethical behaviour. In our 20 Employee Survey, 88% of employees indicated they had an understanding of how their day-to-day activities support the goals on their scorecard, and 87% understand how their goals support the goals of their line of business. Recognizing employee achievement is equally important. CIBC s pay-forperformance philosophy rewards individuals for both financial and nonfinancial results that are aligned with CIBC s overall strategy for building sustainable, long-term value for all our stakeholders. In 20, the CIBC group of companies paid almost $2.4 billion in salaries and benefits to our workforce based in Canada and $2.8 billion worldwide. Senior management earns a large part of its compensation in the form of equity, which aligns to the long-term success of CIBC. Employees indicating they understand how their goals support their line of business. Members of CIBC s employee affinity groups CIBC Pride Network, CIBC Black Employee Network, CIBC Aboriginal Employee Circle and CIBC WorkAbility Advisory Council work together to raise awareness at the Cultural Mosaic celebration, which took place at Commerce Court, Toronto, during CIBC s Diversity Month last June.

4 CIBC Annual Accountability Report 20 CIBC in Society > Our People 25 In 20, CIBC undertook a special project to ensure that every workplace has a health and safety committee or representative, supported by tools, training and tracking mechanisms to fulfill project duties. We are committed to attracting and building CIBC s talent and leadership pool and creating opportunities to leverage the skills of all employees productively. Wellness Checkpoint 1,921 4,187 6,986 Recruitment and development plans to attract and retain the best people In 20, we invested about $69 million globally, or $1,838 per employee, on training, including governance and regulatory compliance, client and customer service, product knowledge and a broad range of business and technical skills. New and updated CIBCwide programs included Information Security General Awareness, e-orientation, Code of Conduct, Anti-money Laundering, and Global Reputation and Legal Risks. This year, our CIBC Enterprise e-learning System was launched, providing improved access to employee learning, and for employees and managers to track learning progress. New initiatives were also taken to build CIBC Vision, Mission and Values into the culture of the organization by embedding these principles in recruitment, orientation, training and development, and performance assessment. In 20, almost $2.7 million was invested to support this goal. Ninety-seven percent of CIBC executives attended leadership workshops to enhance their understanding of these principles and how to apply them in their own areas of responsibility. Creating a safe and healthy work environment where all employees can balance their work and life effectively and contribute to their communities is very important to us. CIBC continues to lead the industry with Employment Insurance top-up benefits during maternity, parental, adoption and compassionate care leave. Since Wellness Checkpoint was launched in 2001, 6,986 employees have completed the questionnaire on the global health website which provides a personalized assessment as well as resources and information for a healthier lifestyle. In 20, CIBC reported a Disabling Injury Incidence Rate of 0.16, which indicates the number of disabling and fatal injuries on the job per 100 employees, in Canada. In 20, CIBC s global turnover rate* was 13.5%. For detailed employment figures see page Employees completing assessment questionnaire on Wellness Checkpoint. Short- and long-term disability STD LTD New cases/ 1,000 employees CIBC s Coordinated Return to Work Program focuses on communication between the employee and the manager to manage disability leave and facilitate return to work. JVS Toronto Awards CIBC was presented with the Corporate Leadership Award by JVS Toronto in recognition of our efforts to provide a flexible and supportive workplace for persons with disabilities. * Permanent employees, excluding retirements

5 CIBC Annual Accountability Report 20 Public Accountability Statement 179 Employment in Canada CIBC is one of Canada s largest employers. In 20, CIBC and its listed affiliates had approximately 38,600 fulltime and part-time employees nationwide. The CIBC group of companies paid almost $2.4 billion in salaries and benefits to our Canadian workforce in 20. In addition, we indirectly supported thousands of other jobs in many sectors, from janitorial services to high-tech consultants, through the money invested in outside goods and services. The total for 20 was $2.6 billion worldwide, with $2.0 billion spent in Canada. Full-time and part-time employees As at October 31, 20 CIBC and its listed affiliates Full-time Part-time Province or territory employees employees British Columbia 3,183 9 Alberta 2, Saskatchewan Manitoba Ontario 21,496 2,919 Quebec 2, New Brunswick Nova Scotia Prince Edward Island Newfoundland and Labrador Northwest Territories Nunavut 7 0 Yukon 35 6 Total 32,472 6,149 Taxes in Canada In 20, the CIBC group of companies tax expense to all levels of government in Canada was $854 million. This total consisted of $334 million in income taxes, $112 million in capital taxes and $408 million in payroll taxes (employer portion), business taxes, property taxes, GST and provincial sales taxes. Taxes 20 CIBC group of companies $ thousands Income taxes Capital taxes Federal government $ 214,390 $ Provincial and territorial governments British Columbia 4,462 19,6 Alberta 5,475 0 Saskatchewan 299 6,325 Manitoba 776 6,829 Ontario 98,572 63,277 Quebec 8,566 9,103 New Brunswick Nova Scotia 820 4,010 Prince Edward Island Newfoundland and Labrador 127 1,517 Northwest Territories (20) 0 Nunavut 0 0 Yukon (9) 0 Total $ 334,035 $ 112,309